All Posts Tagged With: "loan"
How Can I Pay Less For Mortgage Insurance?
Lenders require mortgage insurance when borrowers are unable to put at least 20 percent down when buying a home. The good news is that in some instances it may be possible to reduce mortgage insurance costs.
Mortgage insurance comes in three basic flavors, FHA, VA and private mortgage insurance (MI). Let’s look at each.
FHA Mortgages
If you [...]
What Is Mortgage Flipping?
If you have a mortgage you have a debt, but what about the lender? To lenders that very same mortgage note is an asset, a security which can be bought, held or sold.
So — in the most innocent of circumstances — an investor might buy a mortgage note in the morning and selling it in [...]
FHA To Borrowers: Gimme More!
The FHA has announced higher mortgage insurance premiums,stiffer downpayment standards for those with weak credit and more oversight for FHA-approved lenders.
What’s going on here? A few things:
First, FHA reserves are falling. The insurance program needs more money. What happens when insurance programs need cash? They raise premiums. In the case of the FHA they want [...]
HUD Dumps FHA 90-Day Anti-Flipping Rule
Starting February 1st, HUD is suspending the FHA’s 90-day anti-flipping rule for one year. This is a smart idea which should increase local home sales, help investors and create additional real estate demand (because more FHA financing will be available).
The New Rule
HUD says that under the new rule homes sold within the past 90 days [...]
How To Write A Successful Loan Modification Letter
More than 2.8 million homeowners faced foreclosure during the past year according to RealtyTrac.com. Honest, honorable people with every intent of paying their debts have found themselves with impossible financial situations because of the Nation’s massive economic downturn as well as the use of toxic mortgages. In many cases owners are both unable to sell [...]
21Dec2009 | Peter G. Miller | 0 comments | Continued
Conventional Mortgage Basics
Finding out how much you can borrow with a conventional mortgage to buy or refinance a home is both science and art. The answer will vary according to the lender you chose, underwriting standards, your financial history, the type of loan you seek, the business climate at the time you apply, and the exceptions that [...]
7Dec2009 | Peter G. Miller | 0 comments | Continued
VA Mortgage Basics
Since the end of World War II the US has had an extensive benefits program in place for those with military service. The benefits include healthcare, help with college tuition and home loans.
The VA mortgage program is the single best form of real estate financing available because qualified individuals can purchase with nothing down and [...]
3Dec2009 | Peter G. Miller | 0 comments | Continued
Who Owns My Mortgage?
If you’re looking for a loan modification or short sale it greatly helps to know who owns your loan. There are 50 million mortgages in the U.S. and the good news is that about 60 percent — more than 30 million loans — are owned by Fannie Mae and Freddie Mac.
Who owns your mortgage can [...]
Mortgage Loan Limits — Conventional, FHA, VA
The mortgage loan limits and policies established in 2008 and 2009 will continue through 2010.
There are several types of mortgage loan limits. Generally, most borrowers need to look at conventional, FHA and VA loan limits to see how much can be financed with the most-widely originated loans.
If you borrow at or below the conventional [...]
How To Read The HUD-1
Starting January 1st, 2010, all real estate transactions will be settled using a new HUD-1. The HUD-1 is a standardized form which allows real estate buyers and sellers to clearly understand the costs of their transaction.
The original HUD-1 was developed as a by-product of the Real Estate Settlement and Procedures Act of 1974 — or, [...]
© Copyright 